Leo Noe is seeking investors for a £300m new opportunity fund, in the latest foray into the battered commercial property sector by a respected industry figure.

The Devonshire UK Opportunities Fund, which is being started by F&C Reit and will be managed by Noe, will invest in assets which are 'available via distressed situations and benefit from significant price discounts'.

The move comes just a week after Pinton Estates, a property company controlled by Noe and whose assets are managed by F&C Reit, was forced into receivership. Noe is believed to have seen his fortune shrink by £150m during the property downturn, although he is still estimated to be worth about £600m. Earlier this week Nick Leslau, another property millionaire, announced a new fund.

Daily Telegraph